UPDATE 1-Valeant shares sink for second straight day

Feb 22 (Reuters) - Shares of Valeant Pharmaceuticals
International Inc slumped about 18 percent on
Monday, the second consecutive day of steep declines, wiping out
more than $6 billion in the Canadian drugmaker's market value
since Thursday.

The stock, which closed down about 11 percent in regular
trading, extended losses by as much as 9 percent after the Wall
Street Journal reported that Valeant was planing to restate
earnings following an internal review.

The review was a response to concerns about the conduct of a
specialty pharmacy called Philidor that distributed a number of
Valeant products, it added.

The earnings restatement was related to sales by Valeant to
a distributor, the Journal said.

Valeant's stock closed down $9.07 at $75.92 on Monday. It
ended 9.7 percent lower on Friday, after Wells Fargo started
coverage on the company with an "underperform" rating.

"We believe the Valeant board and management have made
decisions that may have put Valeant at significant business and
reputational risk," Wells Fargo analyst David Maris wrote.

The stock was also pressured by widespread concerns about
Valeant's failure to say when it would release calendar 2015
earnings, investors said.

More than 40 percent of investors expect Valeant to announce
earnings in the first week of March, and nearly 30 percent
expect it by next Monday, according to a survey conducted by
Evercore.
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